When Eros Met Apple: Cos Explore $1-b Content Sale
Talks on with Amazon, Netflix as well; Eros also looking at a reverse merger
Arijit Barman, Gaurav Laghate & Indulal PM
Mumbai: Eros Group, the largest movie producer in India, is in talks with Apple Inc to sell its entire content library of films and music for around $1 billion, according to several people aware of the negotiations. A deal may also include digital OTT (over-the-top) platform Eros Now.
An acquisition by Apple would turn the world’s most valuable public company into a serious contender in the video streaming market in India, where Apple TV has made little impression compared with Amazon, Netflix and homegrown rivals.
Parallel discussions with Amazon and Netflix have also gathered momentum as the Kishore Lulla-led company is planning a restructuring exercise that’s likely to result in a reverse merger of its NYSE-listed
A New Script for the Indian Market
India since 2013
parent Eros International Plc with locally listed arm Eros International Media by the end of this financial year to create a single listed firm.
Allegations of corporate misgovernance, non-transparent related party transactions, financial malpractices and fraud have rattled investors since 2015. The company has always denied any irregularities.